In addition to the initial consideration of £9.4 million, a further £5 million ($7.5 million) is payable upon certain milestones being met and all of the consideration is to be satisfied by the issue of shares in Strategic Minerals.

Ebony Iron's primary asset is a shipment ready stockpile of 900,000 tonnes of magnetite in New Mexico and in addition, has iron ore rights to three tenements in the Northern Territory. The exploration company is currently negotiating to purchase further iron ore stockpiles and additional iron ore tenements in Australia.